LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global body armor market for military applications to grow at a CAGR of almost 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of global body armor market for military applications for 2017-2021. The market is segmented on the material (metals and alloys, aramid, and thermoplastics), product (soft body armor and hard body armor), and geography (the Americas, EMEA, and APAC).
The market for body armor for military purposes will witness a robust growth due to the high emphasis on enhancing personal protection for armed forces and ground troops by the defense agencies in developed countries such as the US, Canada, and France. Emerging economies like South Korea, China, and India are focusing on increasing their spending on the defense sector and replacing legacy military equipment with the modern equipment. Technological advances in body armor such as liquid body armor will drive the market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global body armor market for military applications:
- Increase in improvised explosive device (IED) attacks
- Increase in defense expenses
- Rise in security threats
Increase in improvised explosive device (IED) attacks
IED are unconventional explosive weapons that can be activated in a variety of ways and can cause mass destruction. IEDs can cause serious injuries and deaths in the combat field as it is made of biological toxins, toxic chemicals, and radiological material. In 2010, NATO developed a plan focusing on training the military and defense forces to face IEDs.
Sayani Roy, a lead research analyst at Technavio, says, “Many instances of IED attacks have been reported across the world. For instance, a suicide bombing attack using IED in Kabul, Afghanistan, injured military personnel, and civilians. The increase in the use of IEDs will drive the demand for specialized body armor that protects against IEDs.”
Increase in defense expenses
The military and defense expenditure of a country is based on the political and social environment. The defense expenditure in regions such as APAC, the Americas, and Western Europe is increasing. The US allocated over USD 500 billion on defense spending in 2015.
“The Make in India campaign, initiated by Government of India has given a boost to the country's growing defense expenses. This campaign aims to boost the manufacturing of arms, concentrating particularly on the private sector to increase the investment in plant, machinery, and technology,” adds Sayani.
Rise in security threats
The world has been observing several conflicts such as ISIS conflict, Indo-Pak conflict over Kashmir, Syrian civil war, the Lebanon conflict, and the US-North Korea tensions over the past decade. In the combat fields, 95% of injuries sustained by military forces are caused by falling or flying glass, explosive fragments, and mortar shrapnel.
Manufacturers have innovated ballistic protection equipment by introducing lightweight and flexible body armor, ballistic armor for women, advanced ballistic materials. Moreover, they are focusing on offering breathable and fireproof fabric clothes that can protect the wearer from slash-type attacks. The upgraded features of body armor will fuel the demand for the global body armor market for military applications during the forecast period.
Top vendors:
- MKU
- 3M
- BAE Systems
- Ballistic Body Armor
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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